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- Elon Musk wants the Fed to reverse course in its inflation fight as the banking crisis rages on.
- The Tesla CEO says the US central bank should cut interest rates by 50 basis points this week.
- Musk has warned overly high rates may plunge the US economy into a deep and prolonged recession.
Elon Musk has urged the Federal Reserve to beat a retreat in its battle against inflation, as the banking crisis is already putting the squeeze on the US economy.
"Fed needs to drop the rate by at least 50bps on Wednesday," he replied to a tweet by Bill Ackman on Monday that proposed the Fed pause its interest-rate hikes for now.